With rising property cost and tax slabs in the current economy, it has become increasingly difficult to buy a house independently. So, you have been saving some time now and finally, it is time for you to invest in your dream house. To take a considerable load off your shoulders home loans can be the best possible option. However, applying for the same can be a taxing process, if not done right can cause in rejections too. Thus, here is how you get your loan approved in just 5 steps.
- Check Eligibility
Don’t apply if you can’t get. Yes, all your efforts would go in vain if you happen to find out that you are not eligible for a home loan. You can check your eligibility online or visit a bank. The process is generally free of cost and doesn’t consume a lot of your time.
Eligibility also helps you understand where you stand in the financial sphere. It gives you an opportunity to improvise on your credit scores and make a better financial profile.
- Documentations
While applying for a loan make sure all your documents are in place. Go through the checklist of documents the bank provides carefully. The documents may include-
● Pay Slip
● Bank Statements
● Identity proof
● Address proof
Income Tax returns
Ask your company for monthly payslips, if you are a business owner filing your tax returns on time is also crucial. Keeping all your documents in place can save a lot of your time and efforts.
- Finding the perfect bank
So, you are eligible and ready with all your documentation for your first home loan. Now what? You’ll need to find the perfect bank for your loan. Have strong papers and good eligibility and the banks will come running after you for loans. Now, the ball is in your court. The bank you choose differs from region to region.
One bank may provide excellent services in an area however it might not be the best in some other region. Choose a bank that has sound knowledge in helping its customers provide home loans. The interest rates should also be considerably low and shall fit in your budget. A meticulous study and detailed comparison of banks is always preferred. You can do this online through websites like bankbazar. etc
EndNote
If you are someone who has just started your career, applying for a home loan might be too soon. Similarly, after a certain age getting approvals on loans can be difficult. Hence, finding the right time is key. A sound financial profile is paramount followed by a stable income to get your loans instantly approved. Consulting your friends, peers and family members or even consulting services is also a viable option. Always make a checklist and follow it closely. Getting a home loan is not a day’s task, you’ll need to build a strong profile that may take years, hence, patience is the key here.
